On July 9, 1896, William Jennings Bryan presented a speech at the Democratic National Convention regarding the issue of the Gold Standard versus Bimetallism. This speech, called the "Cross of Gold" speech, is regarded of one of the most powerful in American history, especially because it helped to win Bryan the Democratic nomination. However, it did not win Bryan the votes of the American public, as he lost the election and the Gold Standard prevailed as the monetary standard of the United States.
The Gold Standard:
This is the backing of paper money with gold, set at a fixed value. Gold is converted into currency through a fixed rate that is used throughout the rest of the world. At the time of Bryan's speech, most of Europe operated using the Gold Standard, which many Americans considered a reason to join the system.
Bimetallism:
Bryan favored bimetallism, which is the use of both silver and gold to back paper currency. Because silver is less expensive than gold, it is more affordable to the lower classes, which included Western farmers and workers. This also meant that debts could be easily paid off, which was highly appealing to many farmers. Silver miners in the West also benefited, as a nationwide need for silver would significantly improve their market.
William Jennings Bryan:
A Democrat from Nebraska, Bryan favored Bimetallism over the Gold Standard. Not only would the inclusion of silver in the monetary system improve the silver industry, but it would also help many of the poor Westerners pay off their debts. In his speech, Bryan equated the gold standard to the cross on which Jesus Christ was crucified, thus evoking a great deal of emotion on both sides of the argument.
William Jennings Bryan
The Speech:
Bryan's speech was full of passion and emotion, as well as biblical allusions, thus the moniker of the "Cross of Gold" speech. The main two allusions were 1.) Christ's Crucifixion on the cross and 2.) Christ's Crown of Thorns. These biblical references are common and would have been well known throughout the nation. Many Americans, especially those in the West, were heavily religious. Knowing this, Bryan was able to win support by fortifying his speech with emotion-evoking allusions that could be understood and sympathized with. This was evident from the reported reactions of the audience after Bryan concluded his speech; the people were said to have cheered and shouted in Bryan's support.
The Aftermath:
Because of the power of his speech, Bryan won the Democratic nomination for the 1896 Presidential Election. Though he was defeated by William McKinley, Bryan won the votes of nearly 47% of the American public, mostly in the West and Southern states. Bryan ran for and lost the Presidential Election an additional two times. Regardless of his political success, the Cross of Gold speech became a model for political speeches, as well as for the argument for Bimetallism.
The Cross of Gold and the Frontier:
William Jennings Bryant's famous speech not only defined the Currency Debate, but also the mentality of many Westerners. As he was from Nebraska, Bryan was a Westerner, so he had firsthand experience of typical life in the West. His vehement argument against the Gold Standard and for Bimetallism proved the desperation of many of the farmers, who were greatly suffering at the time. With the Gold Standard making it nearly impossible for many of the smaller, independent farmers to pay off their debts, a change had to be made in order to allow the farmers to purchase the necessary technology that would allow for them to compete with larger farms. Bryan's views demonstrate that of the West, thus directly relating his Cross of Gold speech to the theme of the West.
Fun Fact: The Wonderful Wizard of Oz can be linked to Bimetallism, as an allegory. In this allegory, the Yellow Brick Road represents gold and the Ruby Slippers, which were originally silver, represent silver. The Scarecrow represents farmers, the Tin Woodsman represents workers, and the Cowardly Lion is representative of politicians. The Wicked Witch of the West is used as a symbol for large corporations, while Dorothy is the symbol of the Progressive movement. When Dorothy defeats the Witch, it is symbolic of the belief that the Progressive movement will eventually conquer the evil corporations. What's more, the goal of the group is to reach the Wizard of Oz, who represents the President, while Oz is an abbreviation of ounces.
William Jennings Bryan's Cross of Gold Speech
On July 9, 1896, William Jennings Bryan presented a speech at the Democratic National Convention regarding the issue of the Gold Standard versus Bimetallism. This speech, called the "Cross of Gold" speech, is regarded of one of the most powerful in American history, especially because it helped to win Bryan the Democratic nomination. However, it did not win Bryan the votes of the American public, as he lost the election and the Gold Standard prevailed as the monetary standard of the United States.
The Gold Standard:
This is the backing of paper money with gold, set at a fixed value. Gold is converted into currency through a fixed rate that is used throughout the rest of the world. At the time of Bryan's speech, most of Europe operated using the Gold Standard, which many Americans considered a reason to join the system.
Bimetallism:
Bryan favored bimetallism, which is the use of both silver and gold to back paper currency. Because silver is less expensive than gold, it is more affordable to the lower classes, which included Western farmers and workers. This also meant that debts could be easily paid off, which was highly appealing to many farmers. Silver miners in the West also benefited, as a nationwide need for silver would significantly improve their market.
William Jennings Bryan:
A Democrat from Nebraska, Bryan favored Bimetallism over the Gold Standard. Not only would the inclusion of silver in the monetary system improve the silver industry, but it would also help many of the poor Westerners pay off their debts. In his speech, Bryan equated the gold standard to the cross on which Jesus Christ was crucified, thus evoking a great deal of emotion on both sides of the argument.
Bryan's speech was full of passion and emotion, as well as biblical allusions, thus the moniker of the "Cross of Gold" speech. The main two allusions were 1.) Christ's Crucifixion on the cross and 2.) Christ's Crown of Thorns. These biblical references are common and would have been well known throughout the nation. Many Americans, especially those in the West, were heavily religious. Knowing this, Bryan was able to win support by fortifying his speech with emotion-evoking allusions that could be understood and sympathized with. This was evident from the reported reactions of the audience after Bryan concluded his speech; the people were said to have cheered and shouted in Bryan's support.
The Aftermath:
Because of the power of his speech, Bryan won the Democratic nomination for the 1896 Presidential Election. Though he was defeated by William McKinley, Bryan won the votes of nearly 47% of the American public, mostly in the West and Southern states. Bryan ran for and lost the Presidential Election an additional two times. Regardless of his political success, the Cross of Gold speech became a model for political speeches, as well as for the argument for Bimetallism.
The Cross of Gold and the Frontier:
William Jennings Bryant's famous speech not only defined the Currency Debate, but also the mentality of many Westerners. As he was from Nebraska, Bryan was a Westerner, so he had firsthand experience of typical life in the West. His vehement argument against the Gold Standard and for Bimetallism proved the desperation of many of the farmers, who were greatly suffering at the time. With the Gold Standard making it nearly impossible for many of the smaller, independent farmers to pay off their debts, a change had to be made in order to allow the farmers to purchase the necessary technology that would allow for them to compete with larger farms. Bryan's views demonstrate that of the West, thus directly relating his Cross of Gold speech to the theme of the West.
The Wonderful Wizard of Oz can be linked to Bimetallism, as an allegory. In this allegory, the Yellow Brick Road represents gold and the Ruby Slippers, which were originally silver, represent silver. The Scarecrow represents farmers, the Tin Woodsman represents workers, and the Cowardly Lion is representative of politicians. The Wicked Witch of the West is used as a symbol for large corporations, while Dorothy is the symbol of the Progressive movement. When Dorothy defeats the Witch, it is symbolic of the belief that the Progressive movement will eventually conquer the evil corporations. What's more, the goal of the group is to reach the Wizard of Oz, who represents the President, while Oz is an abbreviation of ounces.